Bridgeton pioneer., 1887-04-14

has stood like sentinel upon the
watch tower of finance, unshaken by
war, panic, or financial storm, no mat
ter what their character for gloom or
distress. When other banks, many in
number. fell because of lack of busi-
ness, or on account of defalcation or
dishonesty, the old Cumberland grew
stronger and stronger. until to-day it
stands among the first banking insti-
tutions of the country.
The history of the bank may be
briefly summarized as follows:-On the
second day of July, 1916, a number of
the citizens Of what was then called
Bridgetown, met in the old Court
House on Broad street hill, and became
stockholders for the purpose of organ
izing a bank Up to that time there
was no bank of Importance here, the
merchants and business men sending
their deposits to Camden. The new
bank was organized on that day under
an act of the Legislature, and become
a State Bank The following gentle
men, all prominent citizens, We're cleo s
ed as the first Board of Directors
Jonathan Elmer, Hedge Thompson,
Timothy Elmer, Jeremiah Buck, Dan
iel Elmer, Samuel NJ. Shute, Benjamin
Reeves, Ichabod Compton, James D.
Westcott, Ebenezer Elmer, John Elkin-
ton. Jonathan Elmer was chosen
President of the Board byacclamation.
Jonathan J. Ham was elected Clerk.
At this meeting a contention arose as
to where the bank should be located.
Jonathan Elmer, who lived on the
West side of the town, was anxious to
have it built there, but Ebenezer Ell
mer, and others opposed, deeming the
East side the best. 1t was finally de-
cided to locate on the present site then
owned by Ebenezer Elmer. The loca-
tion having been decided upon Jere-
miah Buck, one OF the Directors, who
was contractor and builder, agreed
to erect suitable banking house
within sixty days and he was given the
contract. The work OF building was
begun at once, and finished in the early
Fall. When completed the edifice was
two stories high, one room on the first
floor, with hallway running from the
front door, and resembled somewhat
an old-fashioned country mansion.
The monies and valuables were keptin
the cellar. 1t has since been rebuilt
and remodelled, and had a modern
vault and other latter day improve
ments placed in it.
On the 9th day of September, 1916,
General James Giles, a soldier of the
Revolution, and an able man, was
elected President of the corporation,
and on September Goth business COM
lnenced in earnest. That day $20,519
were received on deposit. The par
value of the bank stock shares was
$500, and the capital stock, $50,000.
Charles Read, a leading man in the
community, was the first Cashier.
The new bank did hourishing bust
hess, anu It's dildlTS were So wen ludIl-
aged that in July, 1917, barely nine
months later, dividend of six per
cent. was declared. Since that period
the institution has never failed to pay
large dividends to its stockholders
every six months, and four extra divi-
dends, 144 dividends in all. For sew
eral years past seven per cent. has
been paid to stockholders semi-an-
nually, or fourteen per cent per an
mum. The capital stock has been
twice increased Once to $1,000 and
afterward to Sf50,00O, the latter when
the bank Incorporated under the Nat
ional banking act. The bank deposits
have increased with advancing years.
During the first fifteen years they
averaged $4,000; then for the next
fifteen years about $4,000. In 1857
the surplus earnings alone enabled
the capital to be raised to 100000,
without the advance of any money by